30/11/2009 The London Stock Exchange welcomes Asian Plantations to the AIM Market
The London Stock Exchange welcomes Asian Plantations on its admission to the AIM market. Asian Plantations is a holding company with subsidiaries involved in the acquisition, development, operation and management of palm oil plantations in Malaysia. The Company has raised approximately £5.26 million through a Company sponsored placing of 7,010,000 new ordinary shares, representing 23.7 % of the enlarged share capital of the Company. Strand Hanson is acting as nominated adviser with Mirabaud Securities as broker.
The Company currently has 4,795 hectares of land zoned for palm oil plantation in Sarawak, Malaysia and intends to utilize the placing proceeds to complete planting and development of this land. Following admission, the Company will seek to acquire and develop additional land for sustainable palm oil production and also intends to investigate the construction of a vertical sterilizer crushing mill with methane recapture technology. The Company is headed by Co-Founders & Joint Chief Executive Officers, Dennis Melka and Graeme Brown and is chaired by Datuk Linggi.
Commenting on Admission, Dennis Melka, said:
“We are pleased with the strong international institutional response to our offering which has significantly exceeded our original objectives. The listing allows us to continue the development of our existing operations and means that we are well positioned to take advantage of distressed opportunities in our operating area. Our intention is to become a significant producer of palm oil in the short to medium term.”